8,036 Broadcom Inc. $AVGO Shares Sold by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group cut its Broadcom stake by 14%, selling 8,036 shares in the third quarter and ending the period with 49,422 shares valued at about $15.9 million.
• Other large institutional investors increased their positions, including State Street, Bank of America, Wellington Management and UBS; institutions collectively owned 76.43% of Broadcom shares.
• Broadcom beat quarterly earnings and revenue estimates, with revenue up 85.5% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $530.52 average price target.

Chicago Partners Investment Group LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,422 shares of the semiconductor manufacturer's stock after selling 8,036 shares during the quarter. Chicago Partners Investment Group LLC's holdings in Broadcom were worth $15,898,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its position in Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the period. Bank of America Corp DE lifted its stake in Broadcom by 4.6% in the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after purchasing an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock valued at $19,484,611,000 after buying an additional 1,892,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Broadcom by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock valued at $15,178,195,000 after buying an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc purchased a new position in shares of Broadcom during the second quarter valued at approximately $11,998,148,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $293.69 on Friday. The firm's 50 day simple moving average is $347.89 and its 200-day simple moving average is $366.17. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.29 and a current ratio of 2.50. Broadcom Inc. has a one year low of $289.77 and a one year high of $495.00. The firm has a market cap of $1.40 trillion, a PE ratio of 37.51 and a beta of 1.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. During the same quarter in the previous year, the business earned $1.69 earnings per share. Broadcom's quarterly revenue was up 85.5% on a year-over-year basis. As a group, equities analysts predict that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a yield of 0.9%. Broadcom's payout ratio is 33.21%.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s AI semiconductor revenue is surging, and management sees significant growth potential over the next several years. One analysis argues that the market may not yet reflect that opportunity; another estimates the shares could be undervalued. Prediction: November Will Be a Huge Month for Broadcom Broadcom Stock Could Be 37% Undervalued
• Neutral Sentiment: Some coverage frames the recent pullback as a potential turning point, with a widening gap between AI business growth and the share-price trend. Whether fundamentals prompt a recovery remains uncertain. Broadcom Stock Could Be Approaching a Major Turning Point
• Negative Sentiment: Near-term risks include the broad AI-chip selloff and worries that higher interest rates could curb AI spending. Potential limits on new data-center permits in some states add uncertainty about future infrastructure buildouts. Broadcom’s AI Revenue Is Exploding. Here’s What Investors Should Watch Next. Broadcom Drops Amid Broad Chip Selloff
• Negative Sentiment: Investor positioning has also weighed on sentiment: ARK sold a large Broadcom holding during the selloff while buying Nvidia. Broadcom is still down sharply over the past month, despite the recent lift. ARK Buys Nvidia and Sells Broadcom Broadcom Is Still Down 22% in the Past Month

Analyst Ratings Changes

A number of research analysts have recently commented on AVGO shares. The Goldman Sachs Group upped their target price on Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. HC Wainwright assumed coverage on Broadcom in a research note on Tuesday, October 27th. They set a "buy" rating for the company. DA Davidson upgraded Broadcom from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $350.00 to $400.00 in a report on Tuesday, October 27th. Citigroup cut Broadcom from a "buy" rating to a "neutral" rating in a report on Tuesday, October 27th. Finally, Piper Sandler assumed coverage on Broadcom in a research report on Wednesday, September 9th. They issued an "overweight" rating and a $460.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $530.52.

About Broadcom

Broadcom Inc is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics.

Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.

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